Arizona silver belt., 1887-06-25
silvcr.BuIItOn Ceraa ntes.

yer bullion certificates to the regular
 list. The certificates are to be in form
 and size like petroleum oil certificates
 They will be steel engraved, with all
 protection necessary against counter
 felting. The silver bulli6as which will
 form the basis of the certificates, will be received by the Mercantile Safe De- posit Company, and the. certificates will be registered and countersigned by the Western National of this city. The bullion while on deposit will be under locks controlled by the Deposit Company and the Westerr- National Bank. The following are the regula- tions under which deposits are to be made: No bulllon will be received of less fneness than 998; no slngle bar of greater weight than 1200 ounces will be received upon deposit. No bar which has been paid out from the De- posit Company will be again received except under satisfactory guarantee from depositor as to weight and fine ness, and that such bar has not been tempered with. The Western Nation al Bank of the City of New York re- serves tue right to refuse deposits of the kind referred to Tn tue preceding sentence. It will, however, receive bars of lower degree of fneness than 99S, and cause the bars to be refined at the expense of the depositor, so as to bring the bullion of lower grade within the terms of the requirements of the Stock Exchange. The charge for issuing certificates will be 25 cents for each certificate of 1000 ounces, and the charge for storage will be one cent per day for each certificate of 1000 ounces of silver bullion deposited under the terms of these regulations. The Mercantile Safe Deposit Company will report by 10 a. m. of each busi- ness day to the New York Stock Ex- change the amount of silver bullion on hand at the close of each business day, and furnish statement of the certificates issued on such deposits. The Western National Bank will also furnish the New York Stock Exchange daily, at the same hour, the certificates registered, and in hand to Be regis tered, if any, issued by the Mercantile Safe Deposit Company up to the close of the business hours on the preced- ing day.
 The Stock Exchange having listed the silver certificates, as was anticipa- ted, no doubt some speculation in them will follow, and the fallacy of the expectation that this plan of help ing the price of,silver by making it f1uetuate will be demonstrated. For our part, we see nothing but mischief in the scheme; the producers have nothing to gain and all to lose in mak- ing silver speculative and its price liuctuating. These will only bring the metal down to a lower depth than 1t has yet attained, for there will be organlzed raids on 1t, as there are Tn any other speculative stock.
 No one-is gong to hold these cer- tificates of violently fuetuating value as permanent securities, and as they are under a steady expense, and their vendors may find "reclamations" to be met when delivery of the metal is made, they will soon cease to be at- tractiYe even to spectators. We fully concur with the N. Y. Shipping List which says:
 "It is simply absurd to talk about New York regulating the price of sil- yer merely because this country is the largest producer. The controlling markets Tn fixing commercial values are these that furnish the chief de- mand for, and are the centres of, the most active trade in commodity, and those that expect to see the silver trade of London transferred to New York by any such magic strategy es here proposed, have allowed their pa- triotlsm to get the better of their com mon sense. An examination of the statistical records of the enormous trade carried on by British and conti- mental merchants with the nations that people the continent of Asia, is the best explanation as te why Lon- don regulates the price of silver, and will continue to so long as these trade relations are maintained. In compar- son, the Eastern trads of che United | States IS a flea bite.
 "The scheme as financial measure is ingenious, but practically 1t is neither feasible nor desirable. IN. Y. Engineering and Mining Journal.
 In the summer of 1918 man drove throuob the streets of Portland, Me.